News Briefing - Crowdfunding, SME And Alternative Finance

Crowd in The Mall, London

1. UK – FinTech 

 

Altfi runs an opinion piece

“UK Open Banking is undergoing its biggest shakeup in years. The body established by the CMA’s Retail Banking Market Investigation Order in 2017 to deliver open banking - the UK Open Banking Implementation Entity (OBIE) - is being phased out and a replacement will be needed. 

Under the OBIE, the Open Banking system has flourished. It has accumulated over 700 market participants, and other industries have come to eye the space with envy. What comes after the OBIE, therefore, matters for UK financial services as well as other industries and countries looking on. 

However, the successor organisation’s precise nature is up in the air. As the CMA notes: “Although the core elements of open banking are now in place… it is not inevitable that it will continue on the same trajectory.” Industry, lobby groups and government all have a view.  

Meanwhile, the pandemic has transformed consumers’ finances and spending behaviours. Open Banking is experiencing a resultant surge in interest, investment and innovation - monthly active user rates doubled during 2020 according to the OBIE. The appetite for Open Banking products and services has never been greater.” 

 

2. UK – FinTech 

 

Finextra reports

“Anthony Thomson, the founder of Metro Bank, Atom Bank and Australia's first neobank 86 400, is stepping into the buy now, pay later (BNPL) space as the new chair of Zip UK. 

Founded in 2013 in Sydney, Australia, Zip is one of the fastest growing BNPL providers in the world with over 7.3 million customers. It currently has a presence in 13 markets globally - including Australia, USA, Mexico, New Zealand, South Africa, the United Arab Emirates and Canada - and is growing quickly through acquisitions, most recently a strategic investment in Indian BNPL platform ZestMoney.

Zip is eyeing significant growth in the UK following its arrival in March 2021.” 

 

 

3. UK - FinTech 

AltFi reports: 

Monese has appointed Atul Choudrie as managing director of its push into banking-as-a-service (BaaS). 

Choudrie joined Monese in 2019 and made chief commercial officer in 2020 to help it establish its cloud-based transactional BaaS platform, which launched last month, and Monese’s strategic partnership with Investec and other partnerships, including PayPal, Mastercard and Avios.  

He will now be responsible for its growth as the banking challenger looks to diversify its revenue streams into the B2B sphere following others such as Starling Bank. He was previously CCO at Ditto Bank and is also an advisor to a number of Blockchain start-ups. Choudrie will also continue as CCO at Monese.  

In addition, Steve Tryner to CFO and Stephen Chang to VP Operations at Monese. The pair, who are formerly of Revolut and JP Morgan, respectively, will bolster Monese senior leadership team just months after the first close of Monese’s (ongoing) $162m Series C. 

Tryner has 30 years of experience in finance and change management roles across financial services, including investment management, banking and insurance, and more recently in tech-enabled businesses. He was formerly CFO at Revolut as well as the payments company, Allpay. He has held roles at Deutsche Asset Management, AXA Investment Management, ABN-AMRO and Alpha Bank.” 

 

4. US – FinTech 

Crowdfundinsider reports

“Binance.US announced on October 8, 2021 (Friday) that Brian Shroder has been appointed Chief Executive Officer. 

Shroder was appointed President of Binance.US in September of this year and has been assisting with leading the firm’s strategy and execution, fundraising, business and corporate development “as well as legal, human resources, and product & technology functions.” 

 

5. International – FinTech 

Finextra reports

“McKinsey’s annual Global Payments Report released on day one of Sibos 2021, outlines a positive, albeit unbalanced, return to growth across the sector after Covid-19, underscoring the action firms should take in anticipation of widespread digital currency adoption. 

The expansive report covers four key areas: CBDC and stablecoins: early coexistence on an uncertain road, the evolution of global transaction banking, how transaction banks are reinventing treasury services, merchant acquiring and the $100 billion opportunity in small business.

The report’s CBDC chapter explains that the co-evolution of stablecoins and CBDCs will bear a direct impact on society, and that its progress is now well underway following a recent shift in thinking around cryptocurrency from being a potential store of value, toward a means of financial exchange.
This disconnect is shrinking quickly as a result of both private firms and monetary authorities beginning to issue stabilised cryptocurrencies in a more mainstream fashion.”